Charterhouse Bank: Banking Operations Undermining the Law

Author :

Dr Viola Makin and Chijioke Oji

Pages :

10

Product Type :

Case

Reference # :

WBS-2013-6

Teaching Note :

not available

Institute:

Wits Business School, University of the Witwatersrand

Setting:

Kenya, Africa

Year:

2013

Keywords:

Ethics, Banking, Finance

Summary/Abstract:

On 23 June 2006, the Central Bank of Kenya (CBK) announced that it had placed Charterhouse Bank (Charterhouse) under statutory management as a result of an ongoing investigation into banking operations at Charterhouse. The CBK led the investigation into Charterhouse over allegations of money laundering and tax evasion, which involved a sum of US$1.75 billion. By October 2012, the Charterhouse controversy had still not been resolved.